This specification relates to computer-based systems and methods that facilitate the transfer of cash from one person (“sender”) to another unspecified person (“receiver” or “recipient”) at an unspecified, usually remote location.
Since people began interacting with others in far-off locations, there has been a need for transferring money to relatively remote locations. As electronic communications became increasingly prevalent, “money wiring” was developed to transfer money rapidly to distant locations. Today, people continue to find the need to send or receive money rapidly, in situations ranging from a parent sending money to a child away at college to a tourist in need of money in a foreign country after having a wallet or purse stolen. However, one drawback of conventional money wiring services is that they typically require a direct or indirect relationship with a bank or other financial institution. For example, some services require that the sending party have an existing bank account with the institution transferring the funds, whereas others require the sending party to present a credit card or other bank card with cash advance capabilities.
This may simply not be an option for some users, such as migrant or seasonal workers who want to send money back to family at a distant location, such as a foreign country, but do not have bank accounts or credit cards due to their itinerant nature or lack of credit history. Moreover, conventional money wiring services typically require that both the sending and receiving party have access to money wiring facilities such as a bank teller or a Western Union location and that such locations be open at the time of day when the sender wishes to send and the recipient seeks to retrieve the funds.